Saturday, June 15, 2024

Two Wheeler Loan Eligibility & Documents Required for Bike Loan

Riding a bike is not only fascinating but also very convenient, whether for a short ride to the store or a joyful trip through unique places. It’s not the adventure part of biking; it’s also the practicality. A two-wheeler loan is a perfect way to realise your dreams as a bike enthusiast.

However, before taking the first step towards your loan application, you must know the eligibility process and the required documentation. This article shares information about eligibility and documentation required to get you started with your biking journey.

Eligibility Criteria for a Two-Wheeler Loan

To be eligible for a Bajaj auto credit two-wheeler loan, you must meet the following criteria:

  • Age Requirement: Applicants must be 18 but not older than 65 to apply for the loan.
  • Residential Stability: To prove your stability, you should definitely provide proof of one year’s continuous residential address.
  • Employment Stability: You must have had a stable job in the last one year with proof; if you are self-employed, IT returns are required in the last two years.
  • Good Credit Score: A good CIBIL score is essential. It indicates a healthy credit history.
  • Documentation: You should possess KYC documents and other necessary paperwork and have a permanent telephone number.

Required Documents 

The process of applying for a bike loan would require several important documents. Here’s what you’ll typically need:

KYC Documents:

  • Passport
  • Driving Licence
  • Voter’s Identity Card
  • Aadhaar Card
  • Employee card (J.C) issued by NREGA.
  • Letter issued by the National Population Register.

Deemed to be Officially Valid Documents (DOVD):

  • Utility Bill (Electricity Cost, Telephone Charge, Post-paid Mobile Phone, Piped Gas, Water Pay)
  • Property or Municipal tax receipt.
  • Pension or Family Pension Payment
  • The Allotment of Accommodation letter from the employer is issued by the Government (State and Central), Statutory and Regulatory Bodies, Government Undertakings, Scheduled Commercial Banks, Financial Institutions, and Listed Companies.

Utility bills with the customer’s name should not exceed 60 days.

Must Read: How to Secure the Best Two-Wheeler Loan Interest Rates?

Additional Documents for Salaried People

  • Employment or offer letter
  • Last salary slips (within 45 Days)
  • The last six months’ bank statements and the latest form 16

Additional Documents for Self-Employed Individuals:

  • Past three years’ income tax statements
  • Bank statements of the previous six months.
  • Sales tax returns
  • TDS Certificate
  • Company details

How to Improve Your Two-Wheeler Loan Eligibility?

If you are applying for a loan at Bajaj Auto Credit, then improving your Bajaj Credit two-wheeler loan eligibility will help you obtain low interest rates and a higher loan amount. Here are some tips to help you:

  • Maintain a higher credit score: Try to maintain a credit score of 750 or above because a good credit history can improve your chances for loan approval.
  • Choose a longer loan tenure: Lengthening the repayment term will help you pay back the loan more comfortably and increase your chances of obtaining a loan.
  • Consider a joint loan: Joining your loan application with another applicant with a good credit score increases your chances of loan approval. You may also get a higher loan amount.
  • Demonstrate additional income sources: Demonstrating additional revenue streams indicates that you have the resources to pay the loan sooner. This will give you a higher chance of getting finance for a two-wheeler purchase. 

Conclusion

Many bike lovers can get a two-wheeler loan approved as long as they meet the loan criteria and submit the required documents. Now that you know the eligibility and documents, you will expertly handle the loan application process.

Financial institutions such as Bajaj Auto Credit offer the best interest rates and the convenience of flexible repayment. Owning your own bike or scooter is easier with the Bajaj auto loan. Apply for your two-wheeler loan today and get on the road to making beautiful memories ahead.

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